5 Reasons Why You Should Be Networking

Many business professionals, educational institutions and other agents of commerce continually stress the importance of networking. This is quite possibly because they foresee, witness, and experience the tremendous benefits that derive from opportunities of connection. Networking is like a good pair of shoes that never goes out of style. Whether you’re just stepping into the field of entrepreneurship or you have been running your business for a long while, it is still the perfect fit that will get you to that next step.  No matter where you are on the spectrum of entrepreneurship and business ownership, you have something to gain from connecting with likeminded individuals. Below are our five reasons why you should be networking. Take advantage of them.

Information

           

Networking is an outlet for information. People attend to both talk and listen. We suggest that while it is imperative that you speak and promote your business in these kind of forums, it is fundamental that you use networking opportunities to soak up as much information as you possibly can. Listen for what’s working in your industry and what pitches and approaches have been unsuccessful. What are the current trends? Which individuals should you be speaking with? What more can you learn? Who is your competition? How can you stand out? There is no limit to the information you can gather at a networking event. At the very least, it is a soundboard to reassure you of your progress, setbacks or need for a little positive and negative information is useful to a growing business.

Increase business/referrals

As a business owner, it is your job to promote your company and increase your clientele. Networking events facilitate this in a way that is less formal and stuffy.  There’s no Powerpoint presentation, no folders, and no necessary major pitch. You simply speak about your business and hand out your business cards. It is your key opportunity to be as real as possible without feeling the pressure of having to book a client. You go at your own pace, choose the people you want to talk to, and keep the conversations lighthearted.  Entrepreneurs tend to excel at networking due to the natural flow of the conversations. Additionally, you can be more creative in your approach to draw people to you. For example, wear a statement piece (jewelry, shoes, etc.) that is guaranteed to strike up a conversation. Although most networking events are less pressure-filled, it is crucial however, to maintain an objective standard of professionalism as you are still representing your company.

 Making connections

Let’s face it; every business needs resources to contribute to the growth and acceleration of business. Networking provides such opportunities. You are exposed to different individuals who are experts in subjects that you are less familiar with. They may also have capital that your business may benefit from or perhaps you’ve heard they invest in certain kinds of businesses. Your attendance significantly increases your connection potential. Use that opportunity to build and grow.  Once you have exposed your business to likeminded individuals who believe in your company and your vision, it can secure a connection that may transform your business for the better.

Tackle unanswered questions

Networking is your “Q and A” forum. If you’re feeling uncertain about your business or perhaps your next step, use networking to share ideas, receive feedback, and alleviate your uncertainty. Additionally, speak specifically with individuals who know more that you and pick their brain.

           

Building your profile and confidence

Finally, networking is your runway. It is where you strut your stuff so that your colleagues can put a face to your name and you can build your profile. It is always where you go to gain your confidence. Most of the people you are intimidated by are just like you.  Find comfort in that. Believe in your ability, believe in your business and be confident.  

When Clients Take a Long Time To Pay

If you’re a business owner or independent contractor, you’ve probably dealt with clients who fail to remunerate you in a timely manner. It can be awkward.

Of course, you’d like your late-paying client to expedite the payment you’ve earned. On the other hand, you don’t want to alienate someone who might otherwise have been inclined to retain your services again in the future, and perhaps tell h/er friends and associates how exemplary your work was.

How can you encourage clients to make timelier payments without sounding overly pushy, souring a professional relationship, and potentially undermining your reputation?

Agree in advance on a payments system that is convenient for the client.

You’ll probably find that different clients have their own preferences with respect to payment methods. Some may favour writing cheques, others may be more comfortable with PayPal, bank transfers, credit card, or even in-person cash transactions.

Set up accounts with multiple secure payment processing services and through your bank. If the client can choose among several payment options, s/he is likely to find one that is convenient for h/er.

Expect to receive payments late, and plan ahead.

As a general rule, you shouldn’t depend on timely payments from invoiced clients. Instead, try to keep a fairly robust cash reserve on hand to cover your own short- and medium-term expenses.

Although you want to encourage all clients to pay on time, realistically you’ll almost certainly encounter laggards here and there. One way to compensate for this is to request payment on a date well in advance of the time when you actually need the money—if possible, leave a margin of at least ten days.

Remember: you’re unlikely to suffer significantly negative consequences from being paid earlier than you expected.

Be clear and specific about when you expect to be compensated.

“Payment on this invoice is due within 20 days” as opposed to “Payment due upon receipt.” (In the latter case, your client could invoke the phony excuse that s/he received your invoice late.)

The clearer and more comprehensible the instructions, the less of an excuse the client has for failing to follow them.

Consider an early-bird discount.

No one enjoys wasting money, and by offering your client a slight discount for early payment, you introduce a direct economic incentive in favour of timelier compensation. Even a discount of one or two percent can provide your client sufficient impetus to get the ball rolling sooner.

Alternatively, you could institute a penalty of one or two percent for late payment.

Send cordial reminders.

If a week or more has passed since the deadline you originally established for payment, it’s reasonable to send the lagging client a gentle reminder, indicating that you would appreciate being compensated for your work as soon as reasonably possible.

Withholding of services is a drastic, but sometimes necessary, step.

You won’t need to resort to withholding services in the vast majority of cases. However, you may encounter a handful of situations in your career where there is simply no reasonable alternative. Your client has failed to pay up despite numerous polite reminders, and you need to draw a line in the sand. 

Your skills have value in the marketplace, you can’t afford to work for free, and you don’t want to garner a reputation for being overly lax on clients who refuse to keep their end of the bargain.

Actually, The Customer Isn’t Always Right

“The customer is always right” is a kernel of received wisdom that has stood the test of time—and will likely remain with us for many years to come. Of course, customer service is essential to the success and viability of any service-oriented enterprise, and no manager who fails to prioritize this dimension of day-to-day business can expect to keep h/er job for long.

Nonetheless, the world is full of imperfect people. Everyone makes mistakes. Some individuals are prone to losing their tempers for no good reason, have irritating habits, or place unrealistic demands on others. The odds are good that, sooner or later, you will do business with a customer who answers to one or more of these descriptions.

In other words, the tired old maxim that presupposes the correctness of the customer isn’t true. On the contrary, customers are frequently wrong.

The expertise gap.

You or your staff likely know more about the products you offer and their best uses than many of your customers do. You may occasionally have superior knowledge about what is in a customer’s best interest. If this is the case, try to be forthright.

Many customers are understandably suspicious of the motives and intentions of salespeople—Is he on commission? Will she try to peddle something I neither want nor need?

By encouraging honesty and integrity throughout your enterprise, you will garner a reputation that reflects those values, and in turn, earn the trust of current and prospective customers. You want them to feel comfortable and confident that you plan to help them, rather than exploit information asymmetries to your own advantage. Obviously, a customer who expects a good-faith transaction will be more receptive to your insights than an apprehensive one who fears a hustle.

Give your employees the benefit of the doubt.

No one is entitled to spew abusive language or direct any other form of harassment toward your staff. If a dispute arises between an employee and a customer, you should give the customer’s concerns a fair hearing, but offer your employee the benefit of the doubt.

By giving your employees the support they need to do their jobs well, you’re likely to end up with more satisfied customers too. Workers who believe that their employer will have their back in a dispute will tend to find their work more gratifying, enjoy higher morale, and offer customers an exemplary standard of service.

Of course, this doesn’t imply that you should embrace the equally extreme position “The employee is always right”. But competent, hard-working staff certainly deserve your support in the face of unreasonable customers.

Don’t reward bad behaviour.

If you dedicate yourself to the maxim “The customer is always right”, you’ll naturally be inclined to tolerate a cantankerous customer’s misbehaviour—and by tolerating it, you’ll only encourage more of the same. Don’t give in to the person who yells the loudest or raises the biggest stink; at the end of the day, this policy will do more harm to your business than good. Do you really want your other customers to perceive that the most annoying shoppers are also the ones most likely to get what they want?

Occasionally, you may have to ask a combative individual to leave the premises, so that you can concentrate on helping those who treat you with civility and respect. Bad customers are also bad for business: they distract your employees from more important tasks, and can create an unpleasant experience for everyone.

The Write Way: Effective Business Writing

It’s hard to overstate the importance of effective writing to the success of a business endeavour. The words you choose to describe your idea, product, or service can make or break a prospective transaction, and attract or repel clients. Furthermore, proficiency in writing can make the difference between being perceived as a consummate professional, or an overweening amateur.

The basics always matter

In the era of spell-check, it’s easier to avoid egregious spelling errors than it was in the past. But there is a pitfall: when we rely on technology to correct our mistakes for us, we risk indulging in complacency—which can yield errors of a different kind. Nowadays, “correct” misspellings crop up frequently, like the following:

Delivery service is available in over one hundred countries, on six contents.

...a conveniently located house with an ensuite bathroom and specious kitchen.

Some misspellings/grammar mistakes are distressingly common, even among highly educated people:

The French Revolution lead to the ascendancy of Napoleon Bonaparte.

It is always important to chose one’s words wisely.

For more on grammatical faux pas, see this page at Copyblogger, and this (more advanced) one at Lit Reactor. Where spelling is concerned, this comic strip at The Oatmeal is both humorous and instructive.

Proofread your work, twice

As an entrepreneur, you are certainly conversant with time pressure and tight deadlines. But there is no substitute for carefully proofreading your work. Pay particular attention to your company website and social media, the foundations of your brand. Don’t underestimate the value of a disinterested second pair of eyes; ask someone you trust, with strong spelling and grammar skills, to peruse your work before you publish it. A credible reputation for attention to detail is a priceless asset in the business world—sloppy writing, on the other hand, is a red flag.

Aim for clarity and economy of words

If there is a rule of thumb for effective writing, it is that clarity and economy of words nearly always yield a superior final product. Whenever you write something, ask yourself: “Could I convey this concept more clearly, or in fewer words?” You may be surprised at how often the answer is “Yes.”

Think of yourself as a journalist who is attempting to shoehorn information into a limited word-count, highlighting the most salient details.

Show, don’t tell

Adjectives can be useful and illustrative in proper measure, but many prospective customers are wary of being “over-sold.” Accordingly, err on the side of too few adjectives rather than too many; emphasize the tangible properties and past successes of the product or service you offer. Testimonials from satisfied customers can be useful in this regard. What particular want or need does your product fill? How, exactly?

Know, and cater to, your readership

Understand the level of familiarity of your prospective clients with your product. Avoid jargon wherever feasible, and use your discretion in clarifying ideas and defining terms.

Clients will invariably ask questions, and some queries may arise repeatedly. Keep a list of those that recur, and set up a FAQ page on your website.

Read in your spare time

One of the surest ways to enhance any skill is to learn from others who excel at it. Read widely—news, press releases, literature, magazine articles. Reading will help you expand your vocabulary, learn new figures of speech, build linguistic precision, and gain general knowledge. Staying abreast of current events and the latest advancements in your industry is useful for networking purposes, too. The more you can impress people with your expertise, and your ability to articulate it, the more your prospective client base will grow.

Finding New Ways To Network

Finding new clients and attracting new customers doesn’t have to be all about advertising your business. Sometimes it’s about selling yourself through networking. But networking events tend to get a bad rap – most people don’t look forward to boring business events full of schmoozing and faking interest in others. But attending those awful local events isn’t the only way to network. If you cringe when you hear the mention of “networking”, why not try a new way to create business relationships?

Start a Meetup

Networking events are said to be the best way to meet new contacts and create business relationships. With so many to choose from, it can be hard to know which will be most beneficial to your needs. So why not start your own? Create your own event and send invites on social media to reach out to people you already know and ask those people to pass along the invite to others who might be interested. Make sure you find an open and comfortable space and have refreshments available to make your event feel friendly and welcoming. As the host, you’ll be responsible for making your event is successful so go out of your way to introduce yourself to as many people as possible and ask lots of questions (while networking the whole time)! Starting your own meetup allows you to create the ideal networking event – not the stuffy boring kind that everyone dreads! If you’d rather do something informal, try starting a book club or a wine tasting event. This will provide a more intimate environment for discussion and, with the right group, can turn into potential relationship building in the future.

Find a Volunteer Opportunity

Not only does volunteer work give you a feeling of great satisfaction, it’s a fantastic way to meet like-minded individuals who are looking to give back to the community. Being in a group who are passionate about volunteering can really bring people together and eventually forge close bonds. There’s a sense of trust established as people are working towards a greater good. Another way to volunteer and get your work noticed is to offer your services for free to a non-profit.

Have Your Business Card Handy

You never know when you’ll run into someone who could become a potential client, so always have your business cards ready to hand out. If a casual conversation at a pub turns to work related discussion, providing a business card with your answer to “what do you do?” can turn a chance meeting into a future business venture. The business card might get tucked away, but is a good reminder for when services might be needed later or it can be passed along to a friend. To make a larger impact, splurge on an interesting and creative design for your cards as a statement piece.

Strengthen Your Existing Connections

Sometimes it can be hard to find the time to keep in touch with co-workers, employees, or clients from the past. But reaching out every once in a while is a great way to keep your name (and business) top of mind. A simple email to catch up or even a social media message keeps the relationship even after years have passed. LinkedIn provides a great way to keep contact information of those you’ve worked with in the past, and makes it easy to find those you may have lost contact with. You’ll also have an easier time meeting new contacts simply through keeping up with your old ones. Now that’s networking!

The Art of Self-assessment

Self-assessment is an art, and knowing precisely who we are, where we’re at, and what we offer is an essential component to business management. Looking inward can be cathartic, it can be eye opening, and it can even be shocking. But no matter what, it has to be revealing and it has to be authentic. In the process of assessing ourselves, if the truth does not surface, even if it’s a hard truth to face, your business could soon find itself in peril. Of course, it’s hard, even seemingly impossible, to be incredible – to always be ahead of the business game and driving the market forward – but it should always be an ideal to strive toward. Most of the time every business out there is just trying to stay relevant and stay in the game – we want to find a niche, grab a slice, and build a life. A credible business that stays true to itself and that feels solid from sunrise to sunset is where the lion’s share of us to look to invest our time and energy - it’s how we earn our living; it’s how we eat. Done properly, a thorough self-assessment can be the difference between being a credible business and being an incredible business. On the other hand, an inauthentic self-assessment can be the difference between being credible and being eaten alive.

Leave your ego at the door

The story of how the artist suffered through countless years of having their work overlooked and receiving rejection after rejection before they eventually had their big breakthrough is so mainstream that it’s become cliché. Typically, the reason even some of the greatest artists, musicians, and writers suffered for so long isn’t because the world wasn’t ready, or that their work just hadn’t reached its audience, it’s because their work probably wasn’t very good. Inventors also go through hundreds of designs that fail miserably before they hit on the one that works, goes public, and then viral.

The roadblock that proves so difficult for these artists and inventors to overcome is their own conceptions of their real, or perceived, talent. In much the same way that a mother always believes her child is the most beautiful baby ever born, so an artist believes that their work is brilliant. It’s too crushing to the psyche to admit that what came from the most intimate part of us is ugly or worthless, so we end up living in denial instead of taking the positive out of negative criticism.

Harness the force of negative feedback

Anyone who has studied the ancient Chinese martial art of judo understands that the key to subduing your opponent is to use their own weight, and their own force, against them. This is how we have to begin to understand self-assessment from a business standpoint. If our work, or our product, is receiving negative feedback it’s important to make the distinction that it’s not as much about our clients pointing out our inadequacies, as it is about responding to what our clients are telling us they want. Every piece of negative feedback, whether about your product or service, or your competitors, is a window into what customers in your market are looking for. Isn’t business, after all, about meeting that demand?

The seldom-told story

Whereas the story of the struggling artist has become almost trite, there is another story that you don’t really ever hear about. It’s the story about the artist who after years and years of rejection eventually just gave up and was never heard of, ever. It’s not a story many people like telling, but the unfortunate reality is that it is by far the more common. Conventional wisdom tells us that what separates the successful artist from the one that got out of the game was a result of their superior talent. But in art, as in business, Darwinian principles rule where it is not the strongest of the species that survives, but the one most responsive to change. The successful artist, like a successful business, is able to tap into what their clientele is looking for by successfully internalizing the criticism they receive. After an objective self-assessment whose focus is on growth, one can then use any criticism to make positive strides forward and leap from being edible to credible, or even credible to incredible. 

The Employee-centric vs. Client-centric Debate

The early days of any new business venture represent an enormous challenge and transitioning from business plan to profitability involves a number of important steps and a great deal of investment. Laying the proper foundation for your business is essential to securing the long-term future for your company so having an insight into where you are going to focus your early investment will help shape what eventually defines your business. There are two major schools of thought here: the employee-centric approach and the client-centric approach. Both have their merits and which works for your business will come down to an analysis of which approach is most likely to make your company stronger in the long run based on the resources and capital that you have available.

Employee-centric Approach

Greatest investment: Capital

Best Marketing Feature: Cutting Edge

Clientele: High End

The idea behind the employee-centric approach is to create an environment where the people you hire have the best tools at their disposal so that they enjoy coming to work. The concept is that if the employee is happy they will be better able to service clients who will be happy in turn. In order to provide your employees with such an environment usually requires investing a lot of capital up front. This is the one drawback to this approach as, by having a high startup cost, you have immediately positioned your company to operate at a certain price point depending on the market for your service or product. You have reduced your potential pool of clients down to those that can afford to pay for your service or product, and you are now trusting that you will be able to market your company in such a way that attracts a high end clientele.

You will benefit from being able to provide your clients with the very latest technology in whatever you are offering, and reminding them through advertising and marketing campaigns that your company is on the cutting edge of the industry is essential to making your company viable. Investing big in your company through an employee-centric approach means going big the whole way. The investment is bigger so operating costs will be higher and, in order to turn some kind of profit, you will likely be asking your clients to pay more for your product or service than some of your competitors. By making such a demand of your clients, it is imperative that you consistently deliver the goods because the moment a client realizes that they can get the same quality product or service for cheaper, it’s their right to jump ship.

Client-centric Approach

Greatest Investment: Time

Best Marketing Feature: Value

Clientele: Anyone

In contrast to the employee-centric approach there is the client-centric approach which places a greater emphasis on customer relations and attempting do a lot with very little. Ever heard of someone building their business from the ground up? Well, that’s the idea here. In the client-centric approach there is a minimal amount invested in capital and, instead, a great amount of time invested in an effort to provide the client with what they are looking for and keeping them happy. Every customer is precious as they represent the lifeblood of the company and one dissatisfied customer could be the ruin of your business. A poor night’s sleep is justifiable if it gets the project delivered on time and on budget.

Although expectations might have to be tempered with limited resources available, the advantage here is that because your costs are lower you are able to attract clients who might be looking for the best rate in the market. This, in turn, easily becomes the strategy behind how to market your company to prospective clients. By offering the most competitive rates you attract clients with smaller budgets, but you can in turn offer your service or product to a wealthier clientele by being able to offer them value, thereby effectively opening your business to a wider pool of prospective clients.

Five Tips for Managing Client Expectations

Nothing is more essential to a successful enterprise than repeat business. Every satisfied customer allows your brand to be passed around by word of mouth potentially creating a snowball effect that could be the difference between the long-term sustainability of your enterprise, or it ending up being a fleeting experiment. Referrals are your best friends and a one dissatisfied could spell the end of your business and is to be avoided at all costs.

Whether you’re a web developer, digital media consultant, graphic designer, or content creator, the clients that come looking for your services will bring with them some level of expectation, and it’s your job to manage those expectations. Below are 5 handy tips and tricks designed to help you navigate the mind of your client, understand their demands, and keep them and their friends knocking on your door.

1) Get to know what they know – No matter what a client might come to you for, if you know what they know about what you do, it changes the level of expectation. Some clients might have an in depth understanding about what it takes for you to do your job and some might be completely clueless and the key to maintaining customer satisfaction in either case is the level of sensitivity with which you handle each. It should be clear by the terminology they use when they speak to you, or how they respond to any questions you ask, so just be mindful.

2) Know what you’re capable of – Nothing upsets the balance of someone’s expectations more than being given false information. If you design websites and a client has come to you saying they need their site to go live in 24 hours, sometimes it’s better to risk losing the client rather than promise them that it can be done and risk not completing the work. No matter how much extra effort you might put into getting it done, the chances are your client won’t be sympathetic to your plight. They are under pressure too and all they’re likely to remember was that the work wasn’t completed when you said it would be.

3) Don’t be afraid to involve your clients – Some clients might not have the faintest idea of what’s involved behind the scenes of a good marketing video, but everyone who’s in charge of a project appreciates having their ego stroked. The more decisions they make, or the more they see of themselves, there is an increased likelihood they’ll take ownership of the project and value the work you did alongside them. However, remember that there’s a fine line here – some clients are just too busy to be bothered, and some can become so involved that it compromises the quality of the project.

4) Be available – The work has to get done but it’s not advisable to turn the ringer off on your phone – ever! The service you provide is meant to be a direct response to what a client has in their mind and the work has to get done in the spaces between them communicating to you exactly what that is. Every fragment might prove useful in you being able to deliver on their wildest imagination and should not be ignored. A client will remember every time that they tried to reach you and were unable to because it was time that they set aside, time they thought was important, and time they eventually wasted. Time is money, and they can give theirs to someone who will offer them the time they need.

5) Let someone else disappoint them – It’s time for a reality check – you’re not the only one who does what you do. Out there in the world is someone who others can go to for the exact service that you provide, and it’s likely you’re not the only one they’ve called. It’s also not uncommon to find a prospective client that simply has completely unrealistic expectations, and there comes a point where it’s imperative to stand your ground on an issue (work load, deadlines, rate of pay, etc.) because the integrity of your business will be at stake. A prospective client might simply hire the cheapest option around and don’t be afraid to let them. The chances are likely that they won’t be happy with the work that got done and will go somewhere else the next time. Be sure that if they do finally come around to you, and not simply the cheapest option available, that you do deliver the value you promise.

Starting Your Business with a Clean Slate

Breaking up is hard to do. That's true for relationships and also for ending your contract with an employer.

Whether you're moving on to start your own business or have been hired at a company that could be considered a competitor, you'll want to make sure you can start your new job with a clean slate.

A lot of the following issues might be covered in your employee contract. It's worth discussing with an experienced lawyer to make sure you can get up and running without a potential lawsuit slowing you down. 

Here's what to look out for:

Intellectual Property

It is obvious that anything you created or invented during work hours for your company is owned by that company. This would be considered intellectual property. Where it gets fuzzy is any work you did on the side during off hours. Things could be further complicated if you used any type of company equipment like a computer or software for your own inventions. There could be a strong claim for that property you created.

Non-Competition

It stands to reason that if you're good at your current job, then your start-up would be related to your skill set. That might be cause for concern if you are going to be in direct competition with your current employer. Most contracts have a non-compete clause that can last up to a year. It might take that long to line up your investors and launch your business but you'll you might be restricted from doing any kind of work that is deemed "the competition." Worst-case scenario, you sit out the year and spend it planning.

Non-Solicitation

This is often referred to as the "poaching clause." Just because you've created solid working relationships with a lot of clients doesn't mean you can "steal" them all for your new business. It's a tricky area. A client can go to any business they want as long as they don't violate a contract. The mere fact that you're starting up on your own might be enough incentive for the client to jump ship. From a legal standpoint you'll be covered if you don't actively solicit that client.

If you have doubts about any of these areas then you'll be better off checking with a lawyer. Additionally, you should consider your future plans when accepting any job. If your goal is to become your own boss then a restrictive employee contract which prevents that from happening might not be worth signing.

There is nothing wrong with negotiating. Just make sure you're not getting trapped into a contract which will stop you from pursuing your dreams.

How to Get Customer Referrals to Grow Your Business

Before heading out to see the latest Hollywood blockbuster do you check the reviews? There are certainly plenty of places to read other viewers opinions. The same can be said for any type of service company. On many levels, these "reviews" are actually referrals, at least the positive ones are! 

Businesses depend on customer referrals to keep the sales numbers flowing. How are you doing with collecting customer referrals? Is there room for improvement? Try embracing these insights to help gather customer referrals to grow your business.

Collect LinkedIn endorsements.

Your company should have a LinkedIn page up and running. If so then you'll be able to start collecting endorsements from other professionals who you're networking with. In the grand scheme of things these endorsements might not make or break your company but every little bit helps. A good way to generate endorsements is to give endorsements. Stay active on your page and you should be rewarded in kind.

Ask and you shall receive.

You know it never hurts to ask, right? That applies for so many things in life not the least of which is getting endorsements for your business. If you have some trusted clients who you've established a strong relationship with then reach out to them and ask for an endorsement. Make it easy on them by providing the link to where you want that endorsement to go. Your goal could be as simple as increasing your Facebook likes or getting a written testimonial you can post on your website. Be proactive on your hunt for endorsements and you'll be amazed at what can come rolling back to you.

Sift through the recommendations.

If you do your homework right and the recommendations start flowing your way you'll want to sift through them to make sure they are the right recommendations for your company. This ability to sift through the recommendations works best when you're in control like on your own web page or Facebook account. Just because someone says, "I like them" doesn't mean you have to use that recommendation especially if that is all you get. Without writing them yourself, the recommendations should be thoughtful and specific towards what your company is offering. The more details the better the recommendation.

Spread the word.

Securing a good recommendation is meaningless until you can put it work for you. Every new positive recommendation should be shared with your entire social media network. It should also be included in any email blast that you'll be sending out to new customers.

How To Attract the Clients You Want

Your customers are your company's lifeblood. Without them your business will go belly up. Just because you've got some loyal customers doesn't mean you can rest on your laurels and coast through your next bottom line review. You should always be on the lookout for ways to expand your customer or client base. Here's how to attract the clients you want:

Make customer service priority number one.

The goal is to make it easy for a client to do business with you. That is accomplished with a strident focus on customer service. You don't have to send out "thank you gift baskets" after ever order, but make sure every client has a dedicated representative from your company that they can reach out to. Solve problems fast and listen to what that client wants. By providing this kind of top-notch customer service your clients will have no problem recommending your company to their associates.

Focus on information.

To attract clients you need to provide them with valuable information, not a hard sales pitch. You already know what your current clients appreciate in terms of the services your company provides. Let that be the focus of your marketing. You're trying to build up trust and that can only happen when you can demonstrate that you are focused on a potential client's best interests. 

Put technology to work for you.

With all the communication technology at our disposal, there is no excuse for not staying in contact with a client. You can use SaaS services such as ZenDesk or salesforce.com to keep track of complaints and issues. Make the investment to setup a CRM system and it could go a long towards securing that client's business.

Encourage referrals.

Asking for referrals should be a part of your daily business plan. It might help to have incentives not only for your employees but for your current clients as well. A referral means you'll be getting the same kind of client you're already working with. No one is going to send you a "bad client."

Keep your staff motivated.

After all your hard work of attracting new clients, you don't want to lose them if your staff drops the ball. Make sure everyone is on the same page so that you're presenting a unified front to any prospective client. A happy staff means happy clients and that's going to be less stress for you all around.

Are Tradeshows Worth the Investment?

It's a safe bet that no matter what type of industry you're in there will be at least one tradeshow that will be applicable for your business. The question then becomes do you attend as a "visitor" or a "vendor"?

Obviously, being a visitor will be less costly and still give you the opportunity to network but it might not be a productive as being a vendor with a booth. Would that kind of investment be worth the effort? Here are some tips to help you focus on determining if your tradeshow sales efforts will provide a viable return on your investment.

The first step is to factor in all of your costs and expenses. These would include:

Floor space costs: What will you be charged by the organizers for booth space?

Exhibit costs: If this is your first time at a trade show you'll be building a booth from scratch. How much that will cost depends on the size and design elements.

Labour costs: When you bring your booth to the tradeshow there may be union workers standing by to assemble it or you may require your own staff for set up/take down.

Marketing: You need to advertise in trade magazines and the tradeshow catalog to let visitors know where your booth will be, as well as having marketing collateral at your booth.

Giveaways: What will you give away at your booth? Every visitor should leave with something that has your company logo, web address and contact info.

Booth hosts: Will you and your employees be manning the booth or will you have to hire local hosts? Or both?

Travel and entertaining: It's going to cost you something to get to the tradeshow, plus added costs for accommodations and food. You'll also want to include money for entertaining: drinks and meals for potential clients.

Contingency: On top of all those costs add another 15% to 25% to your budget as a contingency line item in case of extra expenses, which there will always be!

Set Your Goals

Now that you know what your hard costs are, what are your goals for the trade show? Do you need to land a certain amount of new clients? Are you setting up pre-orders for products? If this is a consumer show and you'll be selling your product directly out of your booth, then you should have targets for each day. Whatever those numbers are, you have to be realistic. It might be hard to gauge if this is a new type of trade show, but if you're setting up a booth at something like Comic Con in San Diego then you know you're going to have a lot of foot traffic!

Once you have those goals set, make sure your booth staff is aware of those and check in every hour to make sure they're hitting those goals. If not, you might need to ramp up the promotions and get your staff out on the floor.

There are no guarantees with a tradeshow. However, if you've attended as a visitor in the past then you know what works and what doesn't. Put those principles to the test in your own campaign.

How to Create Urgency in your Sales Pitch for a Faster Close

When sales are slow and buyers are resistant to new purchases, salespeople often use a variety of tactics to get their prospects to purchase to buy now. The most important and successful is to create a sense of urgency to get people to buy. 

Yet, urgency isn’t something that you force upon your sales prospects.  Instead, it naturally occurs once you uncover your customers’ motivation.  So you have to discover it.

It is done by using the consultative sales approach – by asking the right questions; listening carefully, and your customer’s desires and motivation will appear.

Here are some tips on creating a sense of urgency that can be used depending on your prospects’ scenario:

Tell them it's a limited supply.

Whatever you're offering, if you only have a few left then it's going to mean the person you're talking to has to act fast. That holds true for widgets or shares in your company. The key is to be truthful. You don't want to tell a client you've only got a dozen items left when in truth you've got an entire warehouse. It's all about building up trust. Whenever you've seen an ad offering a special deal for the next hundred callers you know that every caller is going to get the same deal. Don't fall into that kind of exploitive ploy. On the other hand, you might often have a situation that arises which is about genuine limited supply. When that happens, spring into action and see if you can't capitalize on that.

Tell them it's for a limited time.

Deadlines work both for someone who has a project due and for someone who has to make up their mind about a sales pitch. By placing a time limit on a special deal you're letting your client know this is a special occasion. Just make sure you follow through and close out the deadline. This is another aspect of the trust issue. If you tell someone they only have until Friday to get this special price but then that price is offered on the following Monday then how will they ever trust what you have to say? Always remember the client you make happy today is one you can go back to tomorrow.

Tell them it's a better price.

This is probably the quickest way to create a sense of urgency: Just tell them it's going to save them money. The problem with this approach is that you might become stuck with the discount for future sales. If a client knows that can get something cheaper they might just wait until you make that offer. This is what you have to be careful with the discount. Either always have it or never have it.

Tell them they'll be getting added value.

The alternative to slashing the price on a product is to add value to that same product. Perhaps there is something you can bundle with what you're offering to make it more attractive to a potential buyer. This type of approach can be combined with the "limited time offer" for a solid one-two punch of urgency. 

Why Should You Incorporate Your Company?

There are many reasons for incorporating but the most important to consider are the benefits of incorporating and the implications that it may have for your business. A quick examination of all the benefits to be derived from incorporating will reveal that the best time is when you are actually taking your startup business from inception to reality. Consider all of these corporate advantages:

1.      Limited Liability

Incorporating your business is really about protecting your personal assets. Anyone who starts up a business will find it taking up a major portion of their time but that doesn’t mean you have to assume a total risk with everything you own. By incorporating your business you are drawing a clear line between your personal asset and the assets of the company. That way if anything should go wrong with the company, you’ll still have your personal property. It’s important to keep those two aspects of your life separate.

2.      Attracting Investors

When you incorporate your business you’re also telling potential investors that you’re serious about your company’s future. That is going to make getting money from investors a lot easier. Any investor will be taking a risk by giving you capital. You can make them feel more confident with a professional approach to your business plan through incorporation.

3.      Tax Issues

Just as incorporating your business will protect your personal assets it can also help improve your tax filing status. With a corporation, you have the ability to defer paying taxes to a time during the fiscal year which will be more beneficial. This also applies when you accept an income. The goal should be to work with your accountant to find a proactive way to reduce your tax burden which can ultimately allow you to reinvest in the business. There are also a wide range of small business tax deductions which can help you make improvements but they would only apply to a business that has been incorporated.

4.      Better Client Prospects

If an investor feels better investing in a corporation then a potential client will also share those feelings of confidence in your business. Incorporating your business projects a level of stability to customers. They know they’re not dealing with some “fly-by-night” organization but someone who is in for the long haul of providing service.

5.      Corporate Legacy

For all practical purposes, a corporation is a legal entity that can far outlive the lives of its founders. When you can move your company into the realm of Fortune 500 type of businesses then the hope is that they’ll be around long after the original board has gone onto greener pastures. A corporation is about longevity which is exactly what you should be focused on for your new business.

Closing the Sale - Sales Tips for Small Businesses

It would be nice if your business could always “corner the market” on whatever product or service you are providing. Unfortunately, the very nature of business dictates that you’re going to have competition. Instead of taking a passive approach to your business, you need to be proactive and make sure you and your sales force are an effective team. Even a small business can benefit from a smart sales strategy. One popular sales adage is the ABCs of selling: Always Be Closing. That’s a nice sentiment but it will take some work to get there. Here are a few helpful hints that can help your small business close the sale.

Avoid the Hard Sell

Despite what you might think about being an aggressive sales agent, that person on the other end of the line doesn’t really appreciate the hard sell. Just tell it like it is: let your potential client know what you’re offering in simple terms and how it can ultimately help their business. Go for the pleasant conversation versus the unrelenting pitch.

Keep Your Ears Open

You might have perfected your pitch and could even be reading from a script of helpful talking points (not a bad idea) but you also have to be fully engaged in the sales call so that you can recognize when your customer might be on the verge of closing. This can happen if they start asking questions about things like delivery time or shipping costs. Even something as simple as positive affirmation from them about what you’re saying can be a good indication. Make sure you respond to these comments in a positive way.

Ask Questions

The best way to understand a customer’s needs is through asking a lot of questions about their company. Learn about what they do, ask them about the challenges they’re having. Find out what problems they need to solve immediately. The goal is to keep them fully engaged and that can only happen if you are asking them to respond to you. Listen to their answers. Delve deeply. By asking questions, your prospects open up and will give you various opportunities for you to find solutions.

Make Them a Special Deal

Everyone likes a bargain. If you can offer a special deal to a customer it could make all the deference between closing the sale and getting a firm “no thanks.” This doesn’t mean you have to give away free stuff but there is probably a lot of “wiggle room” when it comes to processing fees, shipping costs etc. If you are making a special offer, make sure they know it’s just this one time.

Be Specific

As you zero in on the final moments of your pitch, you want to make sure you lay out the deal in very specific terms. This means providing your customer a direct “how many”, “how much” and “when will it arrive” statement.

When you’ve closed the sale, don’t pop the champagne cork right away but instead take a moment to recognize what worked and what didn’t. Then use that knowledge on your next call: ABC!

5 Signs You Might Need to Fire a Client

 “You’re fired!”

Donald Trump has certainly made a new career for himself by uttering those words to his would be apprentices. As a small business owner, you might have had your own share of staff upheavals requiring you to utter those two words but what about your clients? Have you ever felt the need to fire them? Many business owners go with the philosophy that any client is a valuable client. Although you could make that argument, there is an equal argument to be made that a client who is a drag on your business is not worth the trouble.

The following are some of the warning signs you should take note of when it comes to deciding whether or not to fire a client:

They love to micromanage: A client/business relationship is built on trust. You are providing your client a service and they have to trust that you’ll deliver on your promises. Unless you have given them a reason not to trust you, a client shouldn’t be constantly looking over your shoulder to micromanage the process. A client that needs to approve every detail in every step of a plan is someone who is going to be taking up a lot of your time. What if they don’t offer a timely approval? Now the entire process is put into jeopardy. A client needs to let you do your job; that’s why they hired you in the first place.

They can’t make a decision: The opposite of the micromanager is the client who seems incapable of making any decision. You present them with viable options but they just can’t decide. Or they are constantly asking for changes, tweaks or adjustments. Often this happens when you are courting a potential client. If they can’t make up their mind in the pitch phase then imagine how they’ll be when you’re doing the actual work? It might be better to cut and run.

They need everything ASAP: There are some clients who are like adrenaline junkies. They’re not happy unless everyone is rushing about servicing their needs. With every project you should be providing a kind of production schedule. Your responsibility is to adhere to that schedule. If a client comes along and disrupts the process by asking you to speed up delivery, then you are putting your entire business as risk. Will it be worth it in the long run?

They question every expense: This is a nice way of saying they’re “cheap.” There is nothing wrong with a client who wants to make sure their money is being well spent but that doesn’t give them the right to question your business expenses especially if you are working overtime to accommodate their desires. If a client is constantly nitpicking money matters, there really isn’t a lot of hope for a profitable future with them.

If you do have to fire a client, keep in mind that you don’t want to burn any bridges. You should always take the “It’s me, not you approach.”

CorporationCentre.ca Client Testimonials

It always feels great when a customer calls or emails us about the excellent service they've received from our hard working staff! Check out what other former clients had to say about Corporation Centre in our video!

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Providing great customer service

Everyone knows that loyal customers are profitable customers.  They purchase more frequently, buy a broader range of products and talk about your company to others as much as possible. It’s important that you take care of them as the more you do and show how much you appreciate their business, the more your clients will keep coming back.  As a company, providing great customer service should be a priority at all times. Here are some tips that will help you provide the best customer service you can. 

Fast service, faster communications.

Remember to communicate everything to your client quickly.  Reply to your clients’ communications as quickly as you can, as not acknowledging an email or voice mail is merely going to create more frustration.  Always be considerate of their needs by acknowledging their request or communications. You may not be able to complete a task or a request immediately, however you can always let them know that you received their message and provide a new schedule. Manage your client expectations by communicating your customer service communications policy i.e. when they should expect a response from you.

Keep clients updated.

Always let your clients know where you are in a project or in a product repair. Not knowing where they stand or what the status of a project is not a great feeling to have.  Make regular reports to your customers and let them be aware of how things are progressing. Are you facing any issues or challenges? Or is everything on track? Even if you’re experiencing any trouble, do not hesitate to let them know immediately and propose a solution to solve the problem. It shows that you’re keeping them in the loop and that you have things under control. Communicating any issues right away helps your client plan for contingencies.

Fix your mistakes.

If you did something that didn’t end up working, you should repair it as soon as possible. An easy way to lose a client forever is not admitting that you are at fault and not fixing your own mistakes. When you don’t take responsibility for your own faults, it is a quick way of getting a bad reputation.  

Go beyond the call of duty.

There is a maxim that you should always over-deliver and under-promise.  Not only will this result in a happy client, you will always be in top of mind as someone who can get things done.  Surprise your customers in not only delivering it ahead of time but providing an extra discount! Offer value – replace their product while it’s being fixed or pay for the shipping to pick up their broken item from their home.  You are not limited in how you can provide great value as long as you make it easy for the customer to do business with you.

Listen. Listen. Listen.

In all communications, the most important part of it is listening. If you’re not listening to what the client is saying, you are setting the stage for future frustrations. When a client is being very vague, don’t be afraid to ask them to clarify. Try to read between the lines - by understanding what they are really saying, you can offer suggestions on the best way to go about fulfilling those needs.

Remember that providing great customer service is knowing  how you would want to be treated if you’re faced with the same situation.  No matter what kind of business you have, if it is customer based then maintaining quality customer service is the key to a success and profitability.  

How to Make Yourself Invaluable to the Customers

Let's face the facts. If you ever believed that attracting new customers was your biggest business challenge, you were sorely mistaken. Winning customers is less than half the battle. The bigger challenge, most business owners would agree, is how to keep them. After all, if you devoted most of your energy in trying to attract a customer to you, logic dictates that someone else is also trying. Therefore, you have to work extra hard to retain that customer, rather than their moving to the competition.

But, how do you put that theory into actual practice? If you have developed a successful service or product, chances are very good that your competitor is working on an improved version. And, the improved version just may sway the customer from you to the competition.

The human aspect is a vital component of success. You have to create an environment that a customer will regret leaving. Certainly, business is about sales and strategies, finance and finesse. It's also all about people. Becoming more than a supplier of goods and services is the secret link. Learn to appreciate that your customer has needs outside of normal office hours. Be ready to go the distance for your customers and they will remember. Make their concerns your concerns, even at the risk of having a major headache. Also, think outside the box. How can you help your client's business, above and beyond what you already supply? Work hard to make yourself an extension of your client's enterprise. The customer should know and feel that you can always be counted on, no matter what or when, even if they only need advice. True, talk is cheap but it can be an investment with a fantastic return.

From the first time a new customer comes through your door, approach the moment as the start of a long term relationship. If you proceed along those lines, you will have laid the foundation for a bright future.

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